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the spending cut fight on the upcoming continuing resolution to fund the government. >> i didn't hear any focus on spending cuts. and i didn't hear any focus on the sequester. and i'm looking at rasmussen polls that show me that the public wants across-the-board spending cuts. and you and i both know the republican base is hungry for that after getting hosed in that high tax bill. >> i think you're a bit off, larry, respectfully in that republicans i think want to have these spending cuts. but they're picking a strategic battle. and you could be right in saying they're picking the wrong battle. but they don't want to have the spending battle on the debt limit. they want to have it on the cr, that continuing resolution to fund the government for the rest of the year. >> well, i am 100% -- look, i do not want to mess with the debt ceiling. i don't want to mess with that. that's a domestic and international global meltdown. so to that extent i agree. i just didn't hear the rest of the story laid out very coherently regarding spending. i didn't hear it from paul ryan, and i didn't hear it from the
the constitution. members spent 1:05 reciting the entire u.s. constitution. it's the basis of our government, of course, but this is only the second time ever the entire document was read aloud in the house. >> we the people of the united states in order to form a more perfect union -- >> no person except a natural-born citizen shall be eligible to the office of president. >>> the powers to all cases of law and equity. >> full faith and credit given in each state to the public acts. >> congress shall make no law respecting an establishment of religion, the right of the people to keep and bear arms shall not be infringed. >> neither slavery nor involuntary servitude shall exist within the united states. >> the validity of the public debt of the united states authorized by law shall not be questioned. >> the right of citizens of the united states to vote shall not be denied on account of race, color or previous condition of servitude. >> the right of the citizens of the united states to vote shall not be denied on account of sex. >> the 18th article of the amendment to the constitution of the
was worn some as the 40th president of the united states ushering in an era of limited government and the rise of the modern conservative movement. yesterday barack obama, the 44th president of the united states, was sworn in for his second term. the moment that will define progressive politics m years to come and one that symbolizes a renewed faith and the power of the american government. needless to say, it was a day several decades in the making. >> for the first time in history government, the people said, was not our master. it is our servant. >> government is not the problem, and government is not the solution. we, the american people, we are the solution. >> the commitments we make to each other through medicare and medicaid and social security, these things do not sapp our nation. they strengthen us. they do not make us a taker of nags. they free us to take the risks that make this country great. >> as he made a forceful case for economic equality and the social safety net president obama championed the american belief in equality of race, gender, and sexual orientation,
enforcement. keeping data on where the guns are. the government stopped keeping those records in 2004 and improving the background check system. so there's more sharing of information. joe, the other path forward would be congressional action and we're told that the president will push for an assault weapons ban and expansion of the gun sales of all kinds. even if i tried to sell you a gun privately, that would require a background check and then limit the sale of high-capacity magazines. those are some of the major issues. we expect to hear the president outline tomorrow, joe. >> jess, is this the kitchen sink or are there things they held back on? >> reporter: well, what the president is describing it as is comprehensive and these are issues that they prioritize. i expect that the white house is is going to place a serious emphasis on this high-capacity magazine issue. i'm told that in private meeting the vice president has emphasized that the high capacity magazine could make as much of a difference, more of a difference, maybe, than any other pressure. he has pointed out to multip
do now? >> what do we do now? that is always the question, what do you do now when you have to govern? but it is not just a question that affects winners, sometimes losers of elections have to ask what do we do now? and for them the question can be harder to answer, after all, the winner in theory should do whatever they promise to voters. but the losers just watch them say no, take the republican party, they just lost the 2012 election at every federal level, they lost the presidency, at the senate, and fewer votes than democrats did in the house of representatives. but due to the way the house districts are drawn, they're still in charge. so they're in kind of a weird position. the argument lost, the american people didn't want what they were selling. but they're not out of office, their constituents want them to fight for their ideals. what do you do now? how do you balance losing the national election and losing the argument but still being in power? over the last couple of days, house republicans have been gathered in williamsburg, virginia to try to sort that out. and discussion
quick road map for an economic boom. start off with major cuts in government spending. we should stop paying people not to work. then cut large and small business tax rates to about 25% or less. both large and small business. finally, president obama, please, ease up on all the regulations. i want to talk about this because nobody should be satisfied with 2% growth. let's talk to our friend dean baker from the center for economic and policy research. welcome to both of you. all right, dean, i think 2% is way too low. i think we should be striving for something that's more than twice and that history of america. why can't we get there? >> i agree that's way too low. your policies, they tried that unity, they're back in recession or maybe they're scraping along. that's not going to do it. the story here, two issues. one, we are going to see slower growth because we have lower population growth and that's because people didn't have kids 30 years old. i don't know if you want to blame president obama for that, that's strange, but you can do so. this was a qualitatively different type of r
for families and for businesses and for the federal government. >> not true, mr. president. the government accountability office says not only will obama care cost the government a lot of money the enormous federal spending will eventually collapse the entire u.s. economy. this could be our last warning. lou dobbs will analyze. >> this is the president, i think, who has drunk the kool-aid. he is feeling right now high on his own power. is that true? is president obama becoming so rigid that he is unable to governor? carl rove has some thoughts. >> did you feel about bad about it? >> no. even scarier. >> did you feel in any way that you were cheating? >> no. >> lance armstrong pretty much admitting he is a sociopath. is he really sorry for his doping and lying? gutfeld and mcguirk on that. >> bill: caution, you are to enter the no spin zone. the from south florida. the factor begins right now. >> hi, i'm bill o'reilly reporting tonight from south florida. thanks for watching us. are we the people responsible for the chaos that is involving enveloping america? folks are responsible for the g
. as the president should know by now. the federal government cannot provide for 320 million people. and the dangerous p danger is is that mr. obama's persistent attempts to do that to redistribute prosperity will bankrupt the nation, causing pain to everyone and making it impossible for poorly educated or kiss advantaged whom he sighted to make a living. the president's address was not an urgent call to reform entitlements, provide oversight on economic abuse or even stimulate the economy. none of that was on display. so it is quite clear that the president is willing to go down in history as a crusader for social justice no matter what happens to the economic fabric of the country. he does not want to cut government spending. he does not want to reform entitlements that are now directly threatening the american treasury. unless there is a radical change in the president's thinking, few problems will be solved over the next four years. we'll simply get more of the same. and that's the memo. now for the top story tonight. we begin our coverage of the inauguration by going down to wa
nothing to do with our inability to govern our own spending and taxes. but anytime one tries to hold it, that is when it is wrong. whatever you want to call it, when you have a moral and constitutional obligation you shouldn't mix it up with things you want to do politically. i come back to you, there is the see quester that was done in late 2011. and on top of that, we have to have a continuing resolution to let the government run. my suggestion is that you give yourself time to get that done. >> maybe we can rise beyond some of our constituentsys which are screaming in our ears don't compromise. >> maybe you can change the order that these fall. if you want to line up where you are spendingwise. but i have to disagree with my buddy charlie and i think the moral obligation here and the way that you keep us from being downgraded how do we tell the markets that we are doing something to tell the debt curve what it is about to do to the country. >> if it looks like you are trying to parcel out, there are 80 million payment accounts in the american government and you are rying to give out
the gravity of a u.s. government shutdown? does it not comprehend it's not merely the nation's credit rating that's at risk from the debt ceiling debacle? but the full faith and credit of the republic itself? how long can we shrug off this grand canyon plunge that's coming? as we did again with another benign day, dow tipped 29 points, and nasdaq advance advanced .22%. this is behavior. is the market actually smarter than you and i think? i'm starting to believe the latter and tonight i'm going to tell you why. first, i don't necessarily want to invest in a country if it doesn't pay its bills. dead beat country, but i don't mind if it can't pay for its bills but for a moment refuses to. it must honor its debts no matter what. i believe passionately that we will pay debts in a timely fashion. congress is supposed to hold the purse strings, but the american people are less stupid than washington thinks they are. they lived through another one of these scares. that time, we were frightened, frightened about what a ratings agency downgrade would mean to the country. do you remember where you wer
a handgun in your house. the other things, that's subject to government regulation. they overreached. the mothre they overreached, i warned them, i have been a member all my life -- >> that's nice. >> i will do it again. >> willie, what's my biggest fault. >> you love a little too much. >> that is it. >> i love a little too much. i shared some of that love last week. anyw anyway, it is a still not too late. they can come to the table and be part of a comprehensive package. i'm sure joe biden will accept them and joe manchin will accept them and conservatives will accept them to come to the table. i'm sure their membership wants them to do it, not the survivalists or gun manufacturers who have made millions of dollars off the death of 6 and 7 year-olds, the truth. it's not too late. if they keep their feet in cement, they're going to be run over, not by joe biden, but these polls show, by middle america, by gun owners, by people that want to protect their children when they're at school, they want to protect their children at shopping malls, want to protect their children when they're
enough for their retirement. they are increasingly reliability on government funding so that is a long-term problem. in fact, that's one of the reasons that we haven't been able to see a robust recovery is we don't have that catalyst for growth, ie the consumer taking on new amounts of debt and spurring new consumption because we're still de-leveraging from the decades of debt accumulation we've gone through. clearly this is a long-term probable. if we're focusing on just 401(k)s i don't see this as a net negative, people being able to access their own funds and use them as they see appropriate. >> i definitely don't recommend it. >> steve, while i have you here, i understand you have more detail on secretary geithner's letter to speaker boehner. >> right. >> what can you tell us. >> on the one hand it's completely expected. there are four extraordinary measures that the treasury secretary is allowed to invoke as we near the debt ceiling. what he did in this letter that just came out is he invoked the third one. i believe all four of these measures are built into the existing timetable
, the government made me do it theme. the staffing companies are in flago right now. and i think they'll stay that way for the rest of the year. the reasons? some has to do with anticipation of the obama health care act, which i'll talk about this in a minute. they are ultrasensitive to changes in the labor market. temporary employment is more cyclical than regular labor market. temps are the first to get fired in a downturn and the first to be hired when the economy comes back. and coming back is exactly what the economy is doing right now. ♪ hallelujah just today we saw the jobless claims drop to the lowest level in five years. >> house of pleasure. >> plus, while full-time employment was only up 1.4% in 2012, the total number of temporary employees increased by 6.2. that rapid growth is expected to continue in 2013. the street is looking for 5% growth in temporary employment this year. however, i think that number could ultimately end up being conservative thanks to the affordable care act. aka obama care. once that goes into affect in 2014, companies that employ more than 50 full-time w
cut spending. if that means shut down the government, shut down the government. >> i think in williamsburg we saw one possibility, which was paul ryan and others within the republican party saying to the caucus, we can't win this fight publicly. let the debt ceiling go because we're going to be blamed for the economic fallout. let's push that down the road kick the can down the road, as they say, and try to get some budget out of the senate and try to get some real spending cuts in the next three months. so paul ryan and others within the caucus are seeing a longer game here than is this freshman senator from texas. >> but if you ask paul ryan what he wants to do on gun control, he would say, i don't want to do anything on gun control. you've talked to moderate republicans -- >> what about registration? >> the only thing they might do is something on registration. >> background checks. >> that's it. no idea that you're banning weapons. no chance. >> registration is the worst. >> put it on tape. 5 0% chance it passes. >> good because hunters need 30 bullets
government budget balancing is hurting employment and will probably lead to more job losses in the near future. >> all right. let's take a look at the markets this morning. markets have been sitting at these record levels. you can see right now those dow futures pulling down by about 12 points. s&p futures are indicated slightly lower, as well. but the nasdaq is indicated higher. the dow jones transport sitting at an all-time high. other markets sitting at five-year highs. the big question is whether the dow jones industrial average follows suit. you're a huge transport. >> yeah, i am. that's all all-time highs. >> all-time high. oil prices, you can take a look. you'll see right now is down by about 2 cents to 95.54. the ten-year note that had been coming down the yields last week a little bit, you can see the yield right now is at 1.877%. the dollar this morning after the euro picked up strength last week, the dollar is stronger against the euro and the yen and the pound. right now, dollar/yen is at 88.79. gold prices this morning up about $5.80. $1,6933. >>> german chancellor angela m
of the facility in eastern algeria that simon referenced. neither b.p. or stat oil, nor the u.k. government nor the u.s. government able to provide any clarity about the state of that on peril rags. there are conflicting reports about casualties. b.p. along with other energy companies in the country are moving nonessential employees from algeria. once again, in the last hour the white house strongly condemning the attack on the plant and the white house spokesperson saying president obama is being briefed regularly on the situation. they would not provide any clarity about whether or not there are u.s. drones over algeria at this point. to give you the background, a group connected to al qaeda has claimed responsibility for this attack. they said it is in retaliation for fran's moving into mali. they tried to put a stop to islamic militants trying to take over that country. >> michelle, the earlier reports i saw in the associated press, news source, there were multiple fatalities, maybe as many as 35 among the whose stages. that is now an unreliable report, right? >> absolutely. at this point n
these great people to this day's fantastic events. >> a president who says government can help improve the lives of everyday americans. president barack obama fits that description and so does fdr, franklin delano roosevelt. let's bringing in personal historian doug brinkley to talk more about this. you've said fdr has been on your mind a lot as we countdown to the second inauguration. tell us why. >> in 1933 in march when fdr famously said we have nothing to fear but fear itself, that's because we were in the great depression. people were really worried what was going to happen. due to the new deal, due to the first 100 days, the fdr created the ccc and tva and the alphabet the soup of the new deal. we started getting out of the great depression. but by the time he gave his second inaugural in 1937, we were still in it. similar to president obama, he inherited the great recession, was able to do t.a.r.p. and all of this. won re-election, yet, there are still millions of americans living in the poverty and the middle class is still struggling. you've got watch that you're not triumphan
and the kidnapping is in revenge for french intervention in the country of mali. overnight the algerian government has been in talks with both united states and france, and we understand that the algerian government is now talking to tribal leaders that apparently do have ties to the terrorists. here's how the thing went down. there was a bus carrying american, british, norwegian french and japanese workers. that bus was ambushed by two armed men and two people were killed. they took off to the gas field and the total number of hostages remains unclear but reports say it ranges from 15 to 40, including 7 americans. >> they are a threat. they are a threat to our country. they are a threat to the world. and wherever they locate and try to establish a base for operations, i think that constitutes a threat that all of us have to be concerned about. >> the u.s. government is also calling this a terror attack. and this is the guy believed to be behind it all. his name is moqtar, a one-eyed veteran jihaddist with ties to al qaeda. he was apparently kicked out of the network because they say he was more i
says the government has begun borrowing from the federal employee pension fund now to keep operating without surpassing its debt limit. these are some of the steps they can take. in a letter to congressional leaders, geithner says the move will free up $156 billion in borrowing authority. we've gone through that this morning. the action has been taken by other treasury secretaries and will not put in jeopardy any monthly pension payments. that's not a lot sounds like a lot. >> not a lot at all. >> fay back later. >>> the house approved $50.5 billion in long-delayed federal disaster aid to the victims of superstorm sandy yesterday by a vote of 241-180. the senate is expected to pass it. the house approved the aid in two parts. $17 billion in funds to cover immediate disaster relief. $33.5 billion in longer term reconstruction funds. >>> big day today as far as birthdays. maybe you're not aware of this -- especially it's appropriate today that it's this gentleman's birthday. >> who? >> whose birthday? >> his 112th birthday. >> google like some -- >> who's that? >> oh, we're going to ha
are are the sequestration and the deep cuts to domestic and military spending and the end of the funding of the government that could result in a govern shutdown and the sent ceiling fight and the debt ceiling fight has potentially the worst consequences for the economy. so the republicans thought instead of taking the debt ceiling fight first and potentially doing real harm, let's move it to the end of the first of three standoffs. >> and sequestration, of course, also a major issue. do republicans think they can win on -- on major cuts to domestic and military spending? >> probably not. i don't think they have a lot of betting power here at all. the debt ceiling was the biggest bargaining chip that they had and they just moved it to basically a totally different battle which would be over the budget and spending in a few months. >> you're segeing an emerging consensus that you can't control the entire government if you only control one part of congress. seeing the hits they took in 2011 over the debt ceiling fight over the fiscal cliff battle and trying to reorganize their strategy here. >> was there so
that the government will run out of money. there will be no authorization to spend anything more and the government could functionally shut down. is that involved here at all? >> not in a formal sense. but of course all of this is linked together, what the spending plans are to come up with cuts to avoid the budget sequester which neither party wants because it affects it in is indiscriminate way. and do you have the continuing resolution which would expire a couple of weeks before this deadline. and that is a bill to fund the government the rest of the year. that's comparatively easy because the government spending is on auto pilot. the budget see quester is tougher but still as long as you have only a short term extension of the debt limit, tyler, that issue will hang over the debate. you just won't hang over it the next couple of weeks. >> see you monday more the inauguration. >> you bet. >> now to another breaking news station. this one in algeria. things are still very fluid. the terrorists are still holding hostages 800 miles south of aljeers. they also want the blind sheik. he was tied to th
company, not just the united states. you need a government investigation and injugs to stop him if he wants to go higher. >> that seems to be the crux of mr. acman's argument. that eventually it will shut them down. >> obviously they can take profits heave, right? but this isn't -- i have 6:00 that if lobe and icahn want to come in at the same time that the company comes in with a buyback underneath action then this is a better long than a short. >> it's interesting in the conversations we've been having with lawyers, acman has boasted in the past he -- has more -- >> what's the price per lawyer, like a p.e. kind of thing? i think herbalife, this is a battleground like you wouldn't believe. will be back to where -- >> it's higher. >> right. i just think that you're misjudging michael johnson, if you think he's not going to be there buying back stock. he's a passionate man. i don't want to misjudge michael johns un. >>> coming up next, the need for speed, ducati and how they plan to rev up performance this year. [ male announcer ] you are a business pro. executor of efficiency. you can
. reinvigorating a mature nation means giving government to give people the tools to compete but then opening up a wide field so they do so ruak cowsly creatively. it means spending more here but de regulating more there. it means facing the fact we do have to choose between current benefits to seniors and investments in our future, and that to pretend we don't face that choice as obama did is effectively to sacrifice the future to the past. >> jonathan, first, what do you think of this speech and secondly, what do you think of david's column? >> i thought the president's speech was terrific, a progressive vision for the country. the guy won twice and ran on all the things he talked about yesterday, inclusion, balanced approach to the nation's problems. when it comes to david brooks' column, as mika was reading, i was thinking, how is that different from what the president actually said? i mean, he's talking about how, you know, what he wants to do is what he's been saying all along, a balanced approach. we have to take care of our seniors and take care of the middle class. we have to take care
. this is about democracy. the people of new york have decided through a representative government that they don't like the bushmaster. they don't want the bushmaster out there. and you know what? they also want some serious background checks. that's not an attack on the second amendment. that's not an attack on your personal freedoms. that is a change in the law. and that's how we run the country. but rand paul, this tea party senator from kentucky, who says that basically, he'll do anything. need a little bit more clarification there, senator. are you trying to start a civil war? because i think that is the question at this point. the rhetoric has to stop. now rupert murdoch tweeted something out today about maybe we'll finally get something done on gun laws. we'll have that a little later on in the show. tell your talk show hosts over there, your hosts of your big programs over there to cool it and be responsible, because the charlie daniels of the world and the newt -- the ted nugents of the world, they all pay attention to that channel, and they all thrive on fear. where is the responsibili
house should tell them to go shove it. you can't run a government three months at a time. you have to have a long-term planning. bad for the markets. bad for the country. bad for the economy. let's make clear, definitive decisions. you lost. let's come together and compromise. pass the debt ceiling and talk about spending cuts if that's what you want to talk about. >> i want to read what "the washington post" conservative columnist had to say about the republican strategy. here's what he said. he wrote, obama's post-election arrogance and intransigence can put you in a fighting mood. i sympathize. this is what he's telling the republicans but i'm tending toward the realist view. don't force the issue when you don't have the power s. that what we're seeing with the debt kreeling in they don't have the power and maybe taking this advice from the conservative columnist? >> it's rare i agree with charles krauthammer but don't fight battles you can't win and don't go to the brink to be perceived as pulling back and therefore losing. this is not a fight they can win. it's certainly one t
the hardline stance, house republicans said friday they would agree to lift the federal government's statuary borrowing limit for three months with a requirement that both chambers of the congress pass a budget in that time to clear the way for negotiations on long-term deficit reduction to add muscle to the efforts to bring democrats to the table, they would include a provision in the debt ceiling legislation saying that lawmakers will not be paid if they do not pass a budget blueprint. was it right to step back from challenging the president over raising the debt ceiling? >> well, i think the house proposal is a step in the right direction. no doubt the senate hasn't done it's job. it's been nearly four years since it's passed a budget. the senate should pass a budget. but it doesn't go nearly far enough. we have a crisis. i just got back last week from afghanistan. and i had multiple servicemen and women clasp me on the arm and say, please do something about the debt and deficit. we're bankrupting the country. that's what the american people are looking for. and to date, politicians have b
? >> that is government numbers used by republican members of the senate budget committee. it represents a whole new america. in fact, it represents a total reversal from the days of welfare reform in the mid-1990's. welfare has made an enormous come-back. there are no plans to rein it in. it is going to go up by $11 trillion. spending on welfare up $11 trillion in the next ten years. that's astronomical. >>steve: is a portion of it a sign of the times because the economy is so bad and it is hard for people to find work and they need assistance? >> absolutely not. there has been a shift in the eligibility for welfare during the obama years. more people are getting heating assistance, cell phones. you name it, you can get more of it in the obama years. point is there is no plan to rein this in. the president is adamantly opposed to any spending cuts or any reining in of these run-away programs. >>gretchen: one in six americans now on food stamps. i think one in four children, i've heard, are on food stamps. >> 19.9 million children are fed by the federal government. >>gretchen: you know what comes to
algerian workers escaped. as many as 41 workers were seized. algeria's government were in talks overnight about whether international forces could help against the militants. >>> when we come back, find out if your employer made the cut of the best employers to work for. before that, take a look at yesterday's winners and losers. ♪ ♪ ♪ [ male announcer ] some day, your life will flash before your eyes. ♪ make it worth watching. ♪ the new 2013 lexus ls. an entirely new pursuit. i have low testosterone. there, i said it. how did i know? well, i didn't really. see, i figured low testosterone would decrease my sex drive... but when i started losing energy and became moody... that's when i had an honest conversation with my doctor. we discussed all the symptoms... then he gave me some blood tests. showed it was low t. that's it. it was a number -- not just me. [ male announcer ] today, men with low t have androgel 1.62% (testosterone gel). the #1 prescribed topical testosterone replacement therapy, increases testosterone when used daily. women and children should avoid contact with a
government that is very, very sensitive on the subject of terrorism. it fought a brutal, with a capital b, civil war during the 1990s and 50,000 to 200,000 people were killed. violence all across the country fighting the armed islamic group and the -- another islamic group in the country. so it is very sensitive. doesn't want to negotiate at all. but we understand that it is giving in to japanese as well as american pressure and saying we're trying to talk to them. the americans and japanese are saying put the lives of the hostages first. >> the real question, which i know you don't have an answer to is the why. why do they do this? we talked about the fact that this facility, there were a lot of western -- >> that's your answer too. there are a lot of westerns there. money could have been -- it may have been planned for monetary purposes because a lot of people think this wasn't just put up in the last week. this was well planned over a period of time. but it was executed over the last week. and there is a lot of security forces in the area, people there to protect those workers, but obv
, gives the government the ability to pay its existing bills. it doesn't create new deficits, it doesn't create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit rating saying, i know how we can save money, we won't pay our credit card bills. not the most effective way to improve your credit rating. >> the metaphors, jim, whether it's a family not paying the credit card bills, the president saying it's like dining and dashing at a restaurant, the only thing is we've got two weeks of respite and then we're off to the races again. >> after the civil war, there was tremendous partisanship in this country. a tumultuous time. the level of bipartisanship. there's such hatred that you can't get in a room. it never seems like obama gets in the room. biden got in the room beforehand. but look, everybody hates each other down there. it's exactly the opposite of what you would expect from a respected nation. it makes us look mickey mouse. i don't blame fitch. look, we have to pay bills, the constitution says it, but everybody doesn't seem
that? >> they want to make more pressure on the algerian government. they want to take-- much better-- >> and why did they take them in the first place? was this in relation to the french flying over algeria to mali? >> very, absolutely. they want take algeria and the algeria president. and the americans are among the group of many nationals? >> yeah, they want to put more pressure on the algerian government and why they took the americans and everyone and japanese and norwegians within the group. >> thank you, sir. >> thank you. >> and tonight, what might be political funny business that you won't find particularly funny, the associated press reporting that washington put off the illegal immigration and he was working for menendez. she broke the story and joins us. >> nice to see you. >> when the story first broke about two months ago, it was unclear why the arrest wasn't made. and then-- of the illegal in senator menendez's office. what have you learned since. >> internal ice documents provided to the senate judiciary committee shows when the office learned who the man was, they we
guess, back many, many -- >> '70s and '80s. >> so compared to a state government operation, it was not that sophisticated, but in the sport of cycling, bill, do you think this was the most sophisticated cycling operation? >> sure. they perfected it for that era. they were the most organized. they had the most money. and the widest reach. >> he also seems to be saying that he wasn't doing anything that the culture wasn't doing. at one point he said that the epo generation began in the mid'90s. he was just sort of part of this generation. as you said, this was the most well-funded team. did they have access to stuff that other riders didn't have access to? >> they did. >> they did? >> that's the old level the playing field argument. when you have the doctor on an exclusive contract where you are the only one that can work with him, that's a bit of an advantage. when you have a private jet, billions of dollars and access to medicines other people don't have, that's all an advantage. >> amazingly, he says he didn't feel that it was wrong. oprah said, did you feel bad about it?
responsibility. >> for the first time in history government, the people said, was not our master. it is our servant. >> today we can declare government is not the problem. and government is not the solution. we, the american people, we are the solution. >> the best hope for peace in our world is the expansion of freedom in all the world. >> this monday president obama will deliver his second inaugural address. he will be facing on fronts both domestic and foreign. already on deck, bolstering an economy that is slowly recovering, bridge aing deep divide over the nation's finance, winding down the war in afghanistan and negotiating a volatile situation in both the middle east and northern africa. in addition to the challenges set upon him, the president has made clear his own priorities. changes to the country's gun safety laws and an overhaul of america's broken immigration system. can he do did all? the man himself understands it will be a careful negotiation. >> i'm more than familiar with all the literature about presidential overreach in second terms. we are very cautious about that. on
. in 1937 as we were coming out of depression, the government tightened fiscal policy, raised taxes and the fed raised rates and created a second downturn. this is what ben bernanke has studied his whole life and this is the mistake he refuses to make. >> jeff, wouldn't that be a mistake? i mean, isn't part of the equation that we're not talking about, demand? yes, there's a lot money out there and it's very cheap right now but the demand for that money is what's keeping the inflation lower right now, isn't it? >> i would tell you, yeah, i mean, the demand i guess is certainly the issue that he's trying to stimulate here, but i just don't know how you stimulate it by continuing to just devalue the united states currency. >> let me stop you there, jeff, because that hasn't happened. >> yes, it has. >> by what measure? >> if you look at the dxy, down 11% since qe started. >> okay. if that was also part -- if you read all. fed's and all of ben bernanke's literature on how to attack deflation and reflate, part of it is gently devaluing the dollar. competitive devaluations going around t
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